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Bitcoin (BTC) Outlook - Gearing Up for The Next Leg Higher?

Bitcoin (BTC) Outlook - Gearing Up for The Next Leg Higher?

Nick Cawley, Senior Strategist

Bitcoin (BTC/USD) Price, Analysis and Chart:

  • A period of consolidation before the next leg higher?
  • Retail traders remain long and in profit.

I noted last week that ‘the path of least resistance for Bitcoin is higher’ and that there was little in the way of horizontal resistance until $17,200, and while the directional call was spot on, I underestimated the inherent volatility in Bitcoin which saw it print a fresh near 3-year high just under $18,500 yesterday.

Bitcoin (BTC) Outlook – Positive Outlook But Beware of Volatility Risk

Bitcoin is now back to around the $17,500 level and should use the previously mentioned $17,200 as support instead of resistance now, backed up by the Monday high at just under $16,900. The medium-term series of higher lows and higher highs remain in place although a print above Tuesday’s high near $18,500 will add further confirmation of this trend. The rest of the chart remains positive and Bitcoin is likely to resume its push towards a fresh all-time high in the near future, all things being equal.

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Bitcoin (BTC/USD) Daily Price Chart (February – November 19, 2020)

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IG client sentiment data show80.36% of traders are net-long with the ratio of traders long to short at 4.09 to 1.Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

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What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.